Bitcoin Canadahttps://bitcoin.ca
Canada’s Fastest and Most Trusted Bitcoin Exchange | Bitcoin Price to CAD
Tue, 05 Mar 2019 03:45:10 +0000 en-US
hourly
1 https://wordpress.org/?v=5.1.1A New Record for Bitcoin: BitPay Reports $1 Billion Worth of Transactions for 2018https://bitcoin.ca/new-record-bitcoin-bitpay-1billion-transactions-2018/
https://bitcoin.ca/new-record-bitcoin-bitpay-1billion-transactions-2018/#respondTue, 22 Jan 2019 12:00:13 +0000https://bitcoin.ca/?p=5058Bitcoin transactions were on the rise in 2018. A recent report released by BitPay blockchain payment processor showed that the company processed transactions of $1 billion in 2018. The press release also states that BitPay managed to set a record for payment error rates. From 8% in December 2017, the errors for total dollar volume […]

]]>Bitcoin transactions were on the rise in 2018. A recent report released by BitPay blockchain payment processor showed that the company processed transactions of $1 billion in 2018. The press release also states that BitPay managed to set a record for payment error rates. From 8% in December 2017, the errors for total dollar volume dropped to under 1% in 2018.

A Bullish Outlook for Bitcoin

The Head of Product at BitPay, Sean Rolland, stated in the press release: Bitcoin has the network effect around the world and we are still extremely bullish on Bitcoin and the Bitcoin ecosystem.

He believes that the support for Payment Protocol wallets has convinced many merchants around the globe to start accepting payments in Bitcoin. The Bitcore Wallet Service developed by BitPay is the driving force behind more that 1.5 million wallets created by users during last year.

Growing Trust Among Businesses

The news shared by BitPay has a stronger significance, beyond the immediate positive effect on its image and investors. The record transactions with Bitcoin in 2018 show that cryptocurrency is making its way into the B2C and B2B worlds. It is no longer a currency reserved only for peer to peer transfers between individuals.

Large brands and small businesses across the world are willing to allow their customers to pay with crypto. BitPay offers payment processing services in 233 countries and territories across the globe, including UK, Europe, Canada and Australia.

Professionals Steer Towards Blockchain and Crypto Companies

At the same time, recent additions to the staff of the company indicate that professionals are willing to start a career in crypto. The new Head of Industry Solutions responsible for B2B businesses is Rolf Haag, a former executive at Western Union and PayPal. This move came in response to the 255% growth in the B2B line of business that BitPay experienced. Some of the clients include law firms, IT vendors and data centre providers.

BitPay’s B2B business continues to grow rapidly as our solution is cheaper and quicker than a bank wire from most regions of the world, said the co-founder and CEO of BitPay, Stephen Pair.

New Investors Bring $40 Million in Series B Funding to BitPay

The positive results of 2018 enabled BitPay to complete a Series B funding. The funding raised $40 million and now the company has a total capital of over $70 million. The series B included individual investors, such as Christopher Klauss Family office, the founder of Internet Security Systems, and the Co-founder of Tencent, Alvin Liu.

Bitcoin has the network effect around the world and we are still extremely bullish on Bitcoin and the Bitcoin ecosystem.

The Series B funding came as a necessity after the constant growth of the company. BitPay increased its headcount by 78% during last year. At the moment, the BitPay team consists of 80 employees working in the sales, engineering, support, and compliance departments. Among the new clients they work with are major gift card brands. Users can use in-app facilities to buy gift cards for shopping, food and travel paying with Bitcoin and Bitcoin Cash.

]]>https://bitcoin.ca/new-record-bitcoin-bitpay-1billion-transactions-2018/feed/0https://bitcoin.ca/5027/
https://bitcoin.ca/5027/#respondThu, 20 Dec 2018 12:00:16 +0000https://bitcoin.ca/?p=5027The United Arab Emirates (UAE) and Saudi Arabia have joined forces to create a cryptocurrency for cross-border transactions, according to Dubai-based GulfNews. Emirates Investment Authority announced the news on December 12th at the Arab #FinTech Symposium in Abu Dhabi. It is one of several moves to modernise the UAE’s Central Bank, such as implementing a […]

A distributed ledger Proof of Concept (PoC) has already begun with the goal of “future-proofing” the UAE’s Central Bank.

However, the project is still in early stages. “It is just a study between UAE and Saudi Arabia,” al Mansouri explained. “[We] have not gone deeper into it.”

A World First?

Not too long ago, the UAE Central Bank condemned cryptocurrencies as risky and unregulated. The Khaleej Times reported in October 2017 that al Mansouri warned people of the perils of “digital coins.” Clearly, the bank chose not to follow this advice.

In fact, the UAE is doing the opposite.

While remarkable, that is hardly groundbreaking. But proposing a joint digital currency between national governments certainly is.

“This is probably the first time ever that witnesses the cooperation of monetary authorities from different countries on this topic.” – Mubarak Rashed al Mansouri, CEO of Emirates Investment Authority

Saudi Arabia and the UAE, a kingdom and a federation of 7 emirates respectively, have historically held close economic bonds. The nations share a border and both face onto the Persian Gulf.

If successful, this latest venture will bring them closer than ever and set an important precedent. Al Mansouri hopes that this achievement will encourage similar collaboration in the region.

]]>https://bitcoin.ca/5027/feed/0A Close Look at Bitcoin: Current State and Future Trendshttps://bitcoin.ca/a-close-look-at-bitcoin-current-state-and-future-trends/
https://bitcoin.ca/a-close-look-at-bitcoin-current-state-and-future-trends/#respondTue, 18 Dec 2018 12:00:23 +0000https://bitcoin.ca/?p=5020According to a recent report by Delphi Digital, the main value drivers for Bitcoin are its ability to serve as a censorship-resistant store of value as well as offer the world a viable alternative to government-backed currencies. 2/ We believe the primary long-term value drivers for $BTC revolve around its ability to serve as 1) […]

]]>According to a recent report by Delphi Digital, the main value drivers for Bitcoin are its ability to serve as a censorship-resistant store of value as well as offer the world a viable alternative to government-backed currencies.

2/ We believe the primary long-term value drivers for $BTC revolve around its ability to serve as 1) a censorship-resistant store of value and 2) a “check” on governments as an alternative, country-agnostic digital reserve currency. pic.twitter.com/C6VwbqceQh

The New York-based digital research company analysed the current use cases of Bitcoin and identified opportunities for growth. At the same time, the report presents an in-depth analysis of the potential risks associated with cryptocurrencies and offers solutions to mitigate them.

The report acknowledges that Bitcoin is a valid option for investors who want to protect their assets. In the authors’ opinion:

The key characteristics of bitcoin (censorship resistance, verifiable ownership, immutability, etc.) make it an attractive alternative to today’s instruments for hedging against inflation or storing one’s wealth without the risk of seizure.

Bitcoin’s Legality Around the World

The Delphi report presents a detailed look at the current status of the first cryptocurrency all over the world. Apart from 10 countries, Bitcoin is legal throughout the world. However, different countries view cryptocurrency differently.

For example:

The US IRS classified it as commodity (and not as a currency) and recently issued guidance on its taxation;

Japan has recognised it as a form of payment since March 2017;

South Korea recognised BTC exchanges as legal as long as they register with the local financial authorities;

All the European countries recognise Bitcoin as a legal tender, even though each of them has a different view on the classification.

From 1 July 2017, Australia started treating cryptocurrency “just like money“, and it is no longer subject to double taxation.

The countries that do not consider Bitcoin legal are mostly in South-East Asia, the Middle East, North Africa and South America.

A Potential Solution for Developing Economies

The nature of Bitcoin – free of the control of central bank and other traditional financial institutions – makes it a good choice for vulnerable economies. Using the examples of Venezuela and Argentina, the Delphi researchers show that the cryptocurrency is a good alternative to volatile fiat currencies.

Since Bitcoin is not valued against the socio-political stability of any particular country, people may rely on it to protect their assets and investments. Apart from this, the researchers found other strong points in favour of the cryptocurrency as a solution for developing economies:

It is accessible even to people who do not hold a bank account;

Using Bitcoin reduces transaction fees for frequent remittances;

It gives people direct ownership over their wealth, free of intermediaries (central banks);

Transactions are faster.

How Bitcoin has traded in countries currently suffering from high inflation. Source: Delphi Digital, “The State of Bitcoin” report

Aside from being a solution for the unbanked, the report also sees Bitcoin succeeding at becoming a ubiquitous form of payment over the internet.

Key Advantages of Bitcoin over Established Stores of Value

In a different section, the Delphi report compares Bitcoin against the traditional stores of value: gold and fiat currencies. The authors used the key characteristics that define a store of value and found that Bitcoin performs well for most of them.

These are:

Censorship resistance – Bitcoin is not controlled by any entity that could seize it or block a transaction;

Divisibility – BTC can be divided out to 8 decimal places, allowing micropayments;

Portability – users can perform transfers within minutes around the world and there are no limitations on the maximum amount;

Scarcity – the maximum supply of Bitcoin is 21 million BTC at global level;

Key attributes of Bitcoin as a trusted store of value. Source: Delphi Digital, “The State of Bitcoin” report

Key Risks Associated with Bitcoin

Being only 10 years old, there are, naturally, still some risks associated with Bitcoin. Along with 11 current risks and concerns, the report also presents their mitigants. Some of the risks the authors identified are for instance:

Scalability issues

Bitcoin’s scalability problem is well-known. However, the community is always working on developing new scaling solutions. One of the most important ones, according the report, is the Lightning Network.

Volatility

The price of Bitcoin is continually fluctuating. However, the authors expect the historical volatility of Bitcoin to decline as the broader crypto market matures. And what will drive the maturation is the gradual adoption among both individual and institutional participants.

Hackers & protocol bugs

So far, three major vulnerabilities occurred in the Bitcoin ecosystem: a DDOS attack in 2018, two software versions operating simultaneously in 2013 and a value overflow incident in 2010. But, as the report states, As seen throughout its history, when there is a bug it is usually identified and patched quickly.

PoW energy consumption

Bitcoin is a heavy consumer of electricity, with a strong impact on the environment. However, miners and mining farms are already looking into environmental-friendly alternatives, such as using clean energy.

Mining centralisation

Due to cheap energy, over 68% of Bitcoin mining pools are located in China, which presents a potential threat to network security. Another concern is the large amount of control that one specific company potentially has over the network. The authors, though, mention that Game theory, among other factors, comes into play and suggests that these mining pools would also not kill their golden goose.

Sustainability without block reward

The Bitcoin block mining reward (the reward eligible miners get for each block they mine successfully) halves every 210,000 blocks, or approximately every 4 years. The reward is currently 12.5 BTC, but with the next halving it will decrease to 6.25 BTC. And eventually, sometime around the year 2140, will diminish to 0. As the report explains, At a certain point, fees will have to sustain the network by providing an economic incentive for miners.

]]>https://bitcoin.ca/a-close-look-at-bitcoin-current-state-and-future-trends/feed/0Blockchain Connect Conference Calls for Stronger Academic Approach to the Technologyhttps://bitcoin.ca/blockchain-connect-conference-calls-for-stronger-academic-approach-to-the-technology/
https://bitcoin.ca/blockchain-connect-conference-calls-for-stronger-academic-approach-to-the-technology/#respondMon, 10 Dec 2018 13:02:16 +0000https://bitcoin.ca/?p=5010Blockchain technology needs a stronger academic approach. This is the key message of the organisers of the upcoming Blockchain Connect conference. The conference will take place in San Francisco on January 11, 2019. Until then, the organisers also opened a call for papers on the topic of blockchain technology. Advanced Thinking for Blockchain Technology Growth […]

]]>Blockchain technology needs a stronger academic approach. This is the key message of the organisers of the upcoming Blockchain Connect conference. The conference will take place in San Francisco on January 11, 2019. Until then, the organisers also opened a call for papers on the topic of blockchain technology.

Advanced Thinking for Blockchain Technology Growth

The Blockchain Connect Conference aims to bring together “interested scholars as well as industrial members from all relevant disciplines who study and work in the space of blockchain technology”. The conference will have two distinct tracks: academic and business.

The Academic Stage

The academic track will feature blockchain core developers, scholars and university professors. They will focus on theoretical developments as well as engage in academic discussions.

Some of the participants in the academic track of the Blockchain Connect Conference are:

Ashley Lannquist – Project Lead for Blockchain at the World Economic Forum;

Mic Bowmwan – Principal Engineer at Intel Labs;

Aaron Cai – Head of Tencent Blockchain.

One of the keynote speeches at this track will be on the topic of the blockchain invoicing experiment conducted by Tencent in China. Other speeches will focus on use cases for the blockchain technologies in various industries, such as healthcare, finances and public services. The business stage participants will also tackle the topic of the blockchain space investment trends in 2019.

Academic Papers – a Chance to Participate in an Exclusive Closed Door Meeting

The call for academic papers on blockchain technology comes with an incentive. Authors of the best papers will be invited to participate in a closed-door meeting with the guest speakers. They will have the opportunity to exchange ideas and debate on the future of blockchain. The top 3 candidates will also get a chance to present their findings at the academic stage during the conference. Interested scholars and industrial members in the blockchain space are welcome to submit their papers on various technical, as well as economics and finance topics.

SV Insight, a full-tech media and research company, is hosting the Blockchain Connect Conference. The COO of the company, Peter Qin, spoke about the need for an academic approach to blockchain:

The short-term wealth-making effect brought by cryptocurrencies does have a huge influence, but it is only a splash in the development of blockchain technology. In the face of the bear market, the academic circle of blockchain is actually on the rise. We want to add more academic value to the blockchain space.

In case you’re interested in submitting your paper, fill out this form. However, you’ll have to be quick as the deadline is December 15.

]]>https://bitcoin.ca/blockchain-connect-conference-calls-for-stronger-academic-approach-to-the-technology/feed/0Crypto Fans Can Now Buy FINNEY™ – the First Blockchain Smartphone in the Worldhttps://bitcoin.ca/crypto-fans-buy-finney-first-blockchain-smartphone/
https://bitcoin.ca/crypto-fans-buy-finney-first-blockchain-smartphone/#respondThu, 06 Dec 2018 14:15:50 +0000https://bitcoin.ca/?p=5000Cryptocurrency owners do not have to carry a smartphone and a hardware wallet for their Bitcoin anymore. Instead, they can use FINNEY™, the first blockchain smartphone in the world. FINNEY™ is the brainchild of SIRIN LABS. It runs on a proprietary, Google-approved version of Android. Also, it features an embedded cold storage wallet with high […]

]]>Cryptocurrency owners do not have to carry a smartphone and a hardware wallet for their Bitcoin anymore. Instead, they can use FINNEY, the first blockchain smartphone in the world. FINNEY is the brainchild of SIRIN LABS. It runs on a proprietary, Google-approved version of Android. Also, it features an embedded cold storage wallet with high level security.

The Journey of FINNEY – from Idea to the Finished Product

FINNEY’s story starts last year. In 2017, SIRIN LABS raised US$157 million in the fourth largest ICO at that time. After the successful completion of the crowdsale event, the company launched the pre-order period. So, the ICO participants had the chance to be the ahead of everyone else in owning the world’s first blockchain smartphone.

We’re taking a huge step forward in bridging the gap between the blockchain economy and the consumer market.

This year, however, things started to move faster. The smartphone entered the development phase. Moreover, SIRIN LABS enlisted soccer star Leo Messi as brand ambassador and started shooting the commercials. Of course, the commercials were a part of a larger marketing and awareness campaign.

Finally, in November, SIRIN LABS announced the official launch of FINNEY, with a retail price of $999. The first blockchain smartphone is available in the SIRIN LABS online store for now and can be purchased with SIRIN Token (SRN). Great news is that the company ships all over the world, including: Australia, EU, Canada and the UK. Starting this month, the company will start opening brick and mortar stores – first in London and then in Tokyo. Cities that will also get their own stores later on, include New York, Berlin, Tel Aviv and Seoul. Starting in January, FINNEY will also be available via the Amazon Launchpad programme.

Speaking of FINNEY, the co-founder and co-CEO of SIRIN LABS, Moshe Hogeg, said:

We’re now proudly selling a flagship device that offers the user experience we have envisioned for our SIRIN OS. We’re taking a huge step forward in bridging the gap between the blockchain economy and the consumer market. Finney is the mobile and truly secure experience crypto holders have been longing for.

A Closer Look at the First Blockchain Smartphone in the World

FINNEY does not attempt to compete in design with the established flagships on the smartphone market (though the design doesn’t disappoint at all). The muscle power of this innovative phone is inside – literally. The blockchain smartphone runs on SIRIN OS – a Google-approved modification of Android. It embeds a cold storage wallet and has advanced security features.

Let’s take a look at what makes FINNEY special:

Embedded Cold Storage Wallet

The wallet protects the private keys for multiple cryptocurrencies and generates secure transactions. It features:

Its own separate hardware (not shared with the device),

Sensitive Action protection,

Secure blockchain transactions generation and signage,

Connection to native wallets via internet only for user-initiated transactions,

Firewall Embedded Rules engine.

Advanced Security Features

FINNEY is secured with the Intrusion Prevention System that uses machine learning to offer protection for:

Network attacks,

Online and offline on-device cyber threats,

Host-based attacks,

Unsecure device definitions.

The Chairman of SIRIN LABS, Kenes Rakishev, commented on the reasons for equipping FINNEY with such advanced security features:

With no solution available until now, many crypto users took a step back to a more primitive time and were using pen and paper to record their private key code. This and other ‘cold storage’ solutions are impenetrable to hacks but are also totally impractical for modern living. FINNEY is unique and is the only phone with an embedded cold storage wallet. There is nothing else like it on the market.

Device features

What also makes FINNEY special is an additional screen to the regular touchscreen. This is a sliding 2” multi-touch screen, used only for the cold storage wallet. It has a separate power switch. The other features of the blockchain smartphone include:

]]>https://bitcoin.ca/crypto-fans-buy-finney-first-blockchain-smartphone/feed/0Supermarket Giant Auchan Promotes Food Safety Using Blockchain Technologyhttps://bitcoin.ca/auchan-food-safety-blockchain/
https://bitcoin.ca/auchan-food-safety-blockchain/#respondWed, 05 Dec 2018 21:30:38 +0000https://bitcoin.ca/?p=4993Food safety is one of the greatest concerns at global level. From farm to store shelf, each entity that handles and processes food must ensure that the products are fit for consumption. However, every year we see instances of food tampering or food poisoning outbreaks. Before the authorities step in, and before the source of […]

]]>Food safety is one of the greatest concerns at global level. From farm to store shelf, each entity that handles and processes food must ensure that the products are fit for consumption. However, every year we see instances of food tampering or food poisoning outbreaks. Before the authorities step in, and before the source of contamination is pinpointed, people get sick. One supermarket chain wants to do something about this situation. Auchan, the 13th largest food retailer in the world, chose blockchain technology solution by German TE-FOOD, to improve food safety.

Blockchain – Greater Transparency, Increased Consumer Trust

The retail brand has started rolling out its blockchain-based food traceability program in five countries: France, Italy, Spain, Portugal and Senegal. The French brand initiated this program with an 18-month trial period in Vietnam.

TE-FOOD’s blockchain-based traceability solution allows users to trace the origin of food products back to their place of origin. Each product included in the TE-FOOD program has a QR code that consumers can scan with their mobile phone.

Beside traceability, consumers can also check whether the product marketed as bio comes from an organic farm. Some of the products included in the initial roll-out in France are for example carrots, potatoes and chicken. Similarly, Italy will, aside from chicken, start offering blockchain based traceability for tomatoes. And, customers in Spain will be able to check the origin of traditional Iberian pork products.

A Growing Need for Accountability

The TE-FOOD program, implemented by Auchan, uses the FoodChain global traceability information ledger to ensure data authenticity. In the context of consumers’ growing demand for brands to be more accountable, blockchain offers a valid solution.

According to a research conducted by the Food Marketing institute and Label Insight, 75% of consumers would start buying from a brand that offers detailed product information. The details printed on the label are not enough for having a clear idea of the product origin.

Blockchain Technology Makes Its Way to Australian Food Industry

The blockchain adoption global trend is also present in Australia. Several companies have developed solutions that help consumers have more confidence in the food they buy. For example, Sydney-based AgriDigital has a software solution developed specifically for agribusinesses. The company demonstrated that blockchain technology can help the supply chain in numerous ways. Specifically in:

working faster through smart contracts,

becoming more flexible to market demand,

offering customers more confidence through transparency and product traceability.

Similarly, another Australian company, Melbourne-based AgriChain, has also developed a blockchain solution for agricultural supply chain. It helps all stakeholders in the supply chain create faster and easier business relationships. From individual farms to logistic companies and retail stores, the participants can perform transactions and track products along the entire supply chain.

Why Is Blockchain Important for Food Safety?

The recent E.coli outbreak in the United States stands as proof that the role blockchain could play in food safety is an important one. According to the US Center for Disease Control, romaine lettuce caused this outbreak. The government agency recorded the first cases of illness on October 8. However, the farms responsible for the introduction of E.coli infected lettuce in the food chain were clearly identified by region on November 26.

This means that it took US authorities one month and a half to trace the origin of unsafe food using traditional methods. During this time, over 50 people got sick. With blockchain technology, a sample of infected food can be traced back to its place of origin within minutes. This would allow the authorities to act faster, contain the outbreak and prevent people from getting seriously ill.

A Quick Look into the Future

As technology advances, companies like TE-FOOD, AgriDigital and AgriChain can help change the supply chain at global level. Manufacturers and distributors can track sensitive products in transit, like food and pharmaceuticals. Thus, they can reduce fraud and product tampering. On the other hand, consumers can check the exact origin of the products they buy and make a completely informed choice. And finally, authorities can step in faster and more efficiently in preventing damaged and dangerous products from reaching the store shelves.

As Auchan proves, it is just a matter of trusting new technologies like the blockchain and taking the step forward by implementing them.

]]>https://bitcoin.ca/auchan-food-safety-blockchain/feed/0Watch and Crypto Lovers Now Have a Product That Combines Their Two Passionshttps://bitcoin.ca/watch-and-crypto-lovers-now-have-a-product-that-combines-their-two-passions/
https://bitcoin.ca/watch-and-crypto-lovers-now-have-a-product-that-combines-their-two-passions/#respondFri, 30 Nov 2018 12:20:11 +0000https://bitcoin.ca/?p=4954Bitcoin fans now have a new way of showing their preference for all things crypto. And that is by wearing a special wristwatch. The Blockchain Series watches celebrate the cryptocurrency world with design inspired by the most popular crypto logos. This is a limited series, the result of the collaboration between Tech Bureau Europe and […]

]]>Bitcoin fans now have a new way of showing their preference for all things crypto. And that is by wearing a special wristwatch. The Blockchain Series watches celebrate the cryptocurrency world with design inspired by the most popular crypto logos. This is a limited series, the result of the collaboration between Tech Bureau Europe and Chronoswiss.

Crypto Swiss Watches – a New Way of Celebrating the Blockchain World

Tech Bureau specialises in creating software and services related to blockchain technology. Chronoswiss is a family-owned watchmaking company in Switzerland, specialising in manufacturing mechanical watches.

These apparently unrelated companies have found a common goal: to promote the values they share. Tech Bureau Europe believes that blockchain is the future of business and other industries although it is still an emerging technology. Chronoswiss believed in the future of mechanical watches at a moment when they seemed to be wiped out by quartz mechanisms.

Cryptocurrencies and blockchain technology are the future, which Chronoswiss is also actively following and supporting. That is why we are proud to use blockchain as a marketing tool and a means of certifying our timepieces.

The Blockchain Series celebrate the old and new technologies in the advanced craftsmanship of each watch and the high tech certificate of authenticity. Each serial number and warranty period of the watches in this series is registered on LuxTag blockchain platform.

Cutting Edge Design, Traditional Watchmaking Mechanism

Chronoswiss is known for its role in reviving the Swiss watchmaking industry. Founded in 1983, the company showed that fine craftsmanship is still in demand in a world of quartz watches.

Each watch in the Blockchain Series is handmade with great precision. The range of watches contains five models:

BITCOIN– The currency

NEM – The harvest

ETHEREUM– The contract

ZAIF– The exchange

COMSA – The token

Each model contains the logo of the concept it represents. The colours range is black, brown, blue and silver. As mentioned, this is a limited series, so Chronoswiss manufactured only 101 pieces of each model.

Speaking about this innovative project, Oliver Ebstein, the owner and CEO of the company,
said:

With this homage to cryptocurrencies, Chronoswiss is combining the roots of traditional watchmaking expertise with the digital revolution of the new global currencies. Cryptocurrencies and blockchain technology are the future, which Chronoswiss is also actively following and supporting. That is why we are proud to use blockchain as a marketing tool and a means of certifying our timepieces.

How To Get Yours

The watches have a dedicated online shop you can check out here. It has a simple and sleek design and is available in three languages: English, German and Japanese.

And of course, what would be the point of a crypto-inspired watch, if you couldn’t purchase it with crypto? So, aside from paying with MasterCard and Visa, you can buy it with cryptocurrency. Specifically, with Bitcoin, Litecoin, Ethereum and Bitcoin Cash.

The company does not ship across the entire world, but thankfully they do ship to Australia, Canada, Great Britain, and most of EU countries.

]]>https://bitcoin.ca/watch-and-crypto-lovers-now-have-a-product-that-combines-their-two-passions/feed/0Stealing from the Dead: NAB CEO Admits Charging Deceased Customershttps://bitcoin.ca/nab-ceo-admits-charging-deceased-customers/
https://bitcoin.ca/nab-ceo-admits-charging-deceased-customers/#respondThu, 29 Nov 2018 04:26:30 +0000https://bitcoin.ca/?p=4940National Australia Bank (NAB) CEO Andrew Thorburn gave testimony on November 26th as part of the Royal Commission into Misconduct in the Banking, Superannuation and Financial Services Industry. The bank has already paid more than $100 million to compensate victims of superannuation mismanagement. But Commissioner Haynes is just getting started, and top bank executives are […]

“We Weren’t Wanting to be Unethical”

He presented the commissioner with a NAB board memorandum summarising FOFA regulatory engagement from December, 2016.

The memorandum shows that an agreement was reached to distinguish between pre-FOFA and post-FOFA customers. This decision was proposed by the general manager of regulatory strategy and affairs, and supported by the chief risk officer.

The document also discusses the potential loss of revenue and the high cost of compensation to affected customers.

“Was that the real problem?” Mr. Hodges asked.

“[Agreeing] to an acceptable methodology with ASIC was just going to cost the business more than it wanted to pay?”

Mr. Thorburn disagrees. According to him, it wasn’t “a sort of conscious or openly discussed matter.”

But in the unethical and profit-dictated culture described by Mr. Thorburn earlier, that seems unlikely.

A Pattern of Zero Accountability

The case of Graeme Cowper, as outlined in a NAB internal report, exemplifies the toxic culture at play here.

A breach report to ASIC was filed by NAB in 2010 after an internal investigation found evidence of file reconstruction and inappropriate advice by Mr. Cowper.

Instead of taking any serious disciplinary action against its employee, Mr. Cowper quietly left the bank with a substantial payout and a job at AMP.

This is likely because NAB executives were complicit in his activities. For instance, Mr. Cowper had a base salary of $80,000 but made up to $850,000 a year on commissions — profits shared with the bank, according to the Australian Financial Review.

It seems that when bank executives can unethically make money off their Australian customers, the financial burden of their paying customers is a small price to pay.

Nowhere to Hide

Over the coming weeks, the royal commission will continue bringing inconvenient truths to NAB’s attention.

Early bitcoin users realised this before many others did, and they have been busy constructing a banking alternative that relies on verification not trust. There are flaws in this system as well (volatility for instance) but accountability is easier to monitor on the blockchain.

And if this royal commission has proved one thing, it’s that there is a serious lack of accountability in our current banking system.

In the next week, the royal banking commission will be airing NAB’s dirty laundry. And we’ll be here to report on it. To keep track of the updates, subscribe to our newsletter here.

]]>https://bitcoin.ca/nab-ceo-admits-charging-deceased-customers/feed/05 Interesting Bitcoin Stories from Around the Webhttps://bitcoin.ca/5-interesting-bitcoin-stories-from-around-the-web/
https://bitcoin.ca/5-interesting-bitcoin-stories-from-around-the-web/#respondWed, 28 Nov 2018 20:45:48 +0000https://bitcoin.ca/?p=4897Bitcoin has been around for quite some time now. However, compared to humanity’s long history with money, cryptocurrency is in its infancy. While many people are already very familiar with Bitcoin, more people still have some learning to do. This has lead to some pretty interesting stories about people interacting with cryptocurrency. To feel better […]

]]>Bitcoin has been around for quite some time now. However, compared to humanity’s long history with money, cryptocurrency is in its infancy. While many people are already very familiar with Bitcoin, more people still have some learning to do. This has lead to some pretty interesting stories about people interacting with cryptocurrency. To feel better about your personal Bitcoin story, take a look at these stories from around the web.

Getting into Bitcoin Early

Three months ago, u/thecommontheme posted his Bitcoin story on the discussion site Reddit. The meandering post tells the story of a 19-year-old who found out about Bitcoin by accident in 2011, when most people had not yet heard of it.

The poster was so inspired by the technology that they saved up $3,000 to invest in the cryptocurrency when BTC was still worth around $13. Towards the end of the story a Bitcoin had risen to around $600 and the poster was able to use much of their Bitcoin fortune to pay for a friend’s surgery.

The post was written mainly to inspire the r/Bitcoin Reddit community. At a time when the volatility of cryptocurrencies is constantly in the news, the poster encourages readers to trust the tech, trust the math, and give bitcoin the time to flourish… believe me, it will.

This isn’t just a unique story of one early investstor’s Bitcoin journey. The title of the post, “My Bitcoin Story”, inspired other users on the site to post their stories as well.

Investing Talents Instead of Cash

Reddit user u/nopara73 shared another Bitcoin story, inspired by u/thecommontheme. While u/thecommontheme’s Bitcoin story was one of unrelenting dedication to the new technology, u/nopara73’s story is somewhat different.

This poster bought into Bitcoin when it was $1000 per coin. After that, the notoriously fickle cryptocurrency had a long downtrend. Unwilling to ride the waves, the poster pulled their money out of Bitcoin and invested in various altcoins.

Fortunately for Bitcoin-dedicated readers, the story doesn’t end there. The poster returned to Bitcoin, not only as an investor but as a developer. The story ends with the poster reminding readers that investing money into a new technology is important but so is investing one’s skills. That way, according to this Redditor, If bitcoin crashes tomorrow, if I zero out tomorrow, I will still have the skills I’ve learned.

How Bitcoin Saved a Cash-Strapped Traveler

Our third pick is also one Redditor’s story. The poster, u/btc32123, had some Bitcoin but was traveling through South America on debit cards. Debit cards were not widely available in South America at the time, so the poster would use ATMs where available to take out small amounts of money. When an ATM “ate” the poster’s debit card, they had few options but to pay high money transferring fees from banks.

While weighing options, the poster found a cafe that accepted Bitcoin and stopped inside for some food. The shop owner offered to purchase the poster’s Bitcoin. Naturally, the poster accepted, made a profit on their Bitcoin, and walked away with spending cash without having to pay high bank fees.

This story may not have a moral about being patient with investments or being open minded when it comes to how to invest, but it is an interesting story about cryptocurrencies across borders.

Buying Bitcoin from a “Dealer” in 2013

Daniel Blank shared his interesting Bitcoin story on question-and-answer site Quora. Blank’s story takes place in 2013. Bitcoin was becoming better known and more popular, but it was also harder to mine than it once had been. It was also harder to buy than it is now. One of the easiest ways to get into Bitcoin was through “dealers” who sold Bitcoin for cash. So that’s just what Blank and his friend did.

Finding a Bitcoin dealer was easy, but meeting him was harder than Blanks had expected. Blanks wondered what he had gotten himself into as he and his friend went to the location where they would meet their dealer, cash in hand. What they found wasn’t what they had expected, however.

The big, bad ‘dealer’ that we were so nervous to meet was this 13-year-old kid sitting on a bitcoin stockpile that he mined a couple of years earlier when it was easy.

There might be a morale in there about holding onto your Bitcoin to sell when the time is right. Even if there isn’t, it’s a fun story that illustrates an interesting time in the history of the cryptocurrency.

Finding Bitcoin While Debunking an Altcoin

The final Bitcoin story also comes from Quora. Sudhir Khatwani posted his Bitcoin story about hearing a pitch for an early altcoin called Swiscoin.

Khatwani decided to do his due diligence by researching Swiscoin, which he believed to be some kind of ponzi scheme. While doing his research, he decided to look into Bitcoin as well and learn more about it.

While Khawtwani still had his suspicions about Swiscoin, Bitcoin intrigued him. After further research, he got involved in Bitcoin, first as an investor and then as a writer.

If the name looked familiar to you, you may have come across it in the past. Khatwani has been writing for the cryptocurrency news site CoinSutra for some time now, and until recently served as their editor-in-chief.

The morale of this Bitcoin story is clearly about doing your research before you start investing in cryptocurrency. However, it’s also about not being scared of cryptocurrency because you found one dodgy case.

We may understand cryptocurrencies a little better now than some of these posters. However, that doesn’t mean that we’ve heard or told the last Bitcoin story.

]]>https://bitcoin.ca/5-interesting-bitcoin-stories-from-around-the-web/feed/0Fake Trezor One Crypto Wallets on the Market, Warns the Companyhttps://bitcoin.ca/fake-trezor-one-crypto-wallets-on-the-market-warns-the-company/
https://bitcoin.ca/fake-trezor-one-crypto-wallets-on-the-market-warns-the-company/#respondTue, 27 Nov 2018 13:02:12 +0000https://bitcoin.ca/?p=4894The issue of counterfeit merchandise has reached the world of cryptocurrency. Last week, the manufacturer of Trezor One hardware wallet posted a warning for its clients. The blog post states that there are one-to-one replicas of their product on the market, which pose a threat to consumers. A New Threat for Crypto Owners: Fake Hardware […]

]]>The issue of counterfeit merchandise has reached the world of cryptocurrency. Last week, the manufacturer of Trezor One hardware wallet posted a warning for its clients. The blog post states that there are one-to-one replicas of their product on the market, which pose a threat to consumers.

A New Threat for Crypto Owners: Fake Hardware Wallets

Trezor acknowledged that their flagship hardware wallet is copied by other legitimate manufacturers and sold under different brand names. However, this instance refers to a product that is sold as an original Trezor product.

The reality is that it has nothing to do with the company and Trezor does not endorse it or offer any security warranties for it. In other words, a fake Trezor One wallet can cause consumers to lose the cryptocurrencies they hold.

How to Identify a Fake Trezor One Wallet

The company posted photos showing side by side comparisons between the genuine product and the fake one. At a first glance, they look almost identical. The packaging has the same shape, size and the writing uses the same typeface, size and colours.

However, the seal of the product gives away the fake. Genuine Trezor One cryptocurrency wallets have the brand name written in holographic silver on the seal. The fake product has the brand printed in black letters.

Also, the tag on the label with the serial number of the product differs. The fake label is larger than the original one and contains the information “Made in China”. This information does not appear on a genuine Trezor One hardware crypto wallet.

A Few Simple Ways to Avoid Becoming a Victim of Crypto Theft

The number one warning sign of a fake product is always the price. Counterfeiters offer their wares at highly discounted prices, sometimes beyond any commercial logic. Consumers must understand that genuine products are sometimes offered at a special discounted price. When this discount would make it unlikely to cover the production cost, it is most certainly a counterfeit product.

Trezor warns that the fake cryptocurrency wallets bearing their name are currently available at unaffiliated online stores. The company recommends its clients to buy only from trusted sources:

At the same time, Trezor urges anyone who suspects having a fake Trezor One wallet to stop using it immediately and report the suspicious item to the company.

You would not entrust your money to somebody who has already cheated you by selling you a different product than you thought you were buying. We, therefore, recommend not to use this device and report it to us, which would help us fight these scams and provide you with a legitimate device.

The full details on genuine Trezor One hardware wallets are available on the company’s Wiki page.

The risks of using a fake crypto wallet are huge. There is always a possibility that the counterfeiters have included a malicious code in the software which would send all or parts of the stored funds to their own wallets.

At the same time, fake products negatively impact the reputation of the genuine manufacturer, causing them to lose current and future clients.